Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio (in ratio form: Kendra, 376; Cogley, 2/6; and Mei, 1/6). The partners have decided to liquidate their partnership. On the day of liquidation, their balance sheet appears as follows. Assets Cash Inventory $251,000 $100,600 539,400 Balance Sheet Liabilities Accounts payable Equity Kendra, Capital Cogley, Capital Mei, Capital Total liabilities and equity 77,800 175,050 136,150 $640,000 Total assets $640,000 Required: For each of the following scenarios, complete the schedule allocating the gain or loss on the sale of inventory. Prepare journal entries to record the below transactions. (Do not round intermediate calculations. Enter losses and partner deficits, if any, as negative amounts.) 1. Inventory is sold for $610,800. 2. Inventory is sold for $441,600. 3. Inventory is sold for $314,400 and partners with deficits pay their deficits in cash. 4. Inventory is sold for $253,200 and partners with deficits do not pay their deficits